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According to the 2019 World Investment Report, recent events in deglobalization have made many countries, especially developed markets, resist inward foreign direct investment (FDI) as ceding control to foreign countries. At the same time, many emerging market firms (EMFs) have been increasing their acquisitions in developed markets. The authors elaborate three unconventional motives that justify such acquisitions, and test whether conditions in home countries related to these motives predict the pursuit of greater or lesser equity control. Understanding how home country conditions may spur seeking greater equity control can help policymakers and business firm decision-makers improve these dynamics.

Examining data covering the period 2006–2018, the authors test hypotheses using a sample of 4,130 acquisitions by EMFs into developed markets, and test hypotheses to investigate “How does the institutional and resource environment of an EMF's home country relate to the respective EMF acquisition behavior of seeking equity control?”

The authors found that higher institutional quality, poorer factor market development, and higher capital market quality in the home country are related to higher equity positions sought.

Acquiring and target firm managers, along with other stakeholders, can gain insights on how to respond to acquisition opportunities by recognizing how home country conditions influence emerging market internationalizing behaviors into developed markets.

The compilation of this data uniquely covers 48 different emerging markets and further concentrates on the relatively less understood pre-deal phase for EMNEs entering developed markets.

This study examines the impact of formal and informal institutional distances on the foreign ownership strategies of emerging market firms (EMFs).

This is an empirical study relying on two sets of data collected over two time periods, 2006–2008 and 2017–2019, for publicly-listed Chinese companies.

Greater formal institutional distances in the host and home countries make EMFs less likely to use joint ventures (JVs), while greater informal distances make EMFs more likely to use the JVs. When both formal and informal institutional distances are high, the use of JVs is more likely. These results are affected by the goal of the foreign direct investment (FDI) project, with strategic asset-seeking (SAS) FDI projects favoring the use of wholly owned subsidiaries (WOSs).

This study relies on cross-sectional data from publicly-listed Chinese companies, which may limit the generalizability of the findings.

EMFs investing in advanced countries should carefully assess the tradeoffs between transactional cost efficiency and legitimacy in making their foreign ownership decisions. If the goal is to access strategic assets, EMFs should consider WOSs to ensure the transfer of strategic assets and create value for the parent company.

The findings show that formal and informal distances between institutions have different impacts on foreign ownership strategies, providing empirical evidence for the need to balance conflicting cost-efficiency and legitimacy considerations when businesses make such strategic decisions. The authors show how this balance depends on the goal of the FDI project.

The rapid growth of emerging market firms (EMFs) has been a topic of interest for the past two decades, especially in China. However, few studies have discussed how and why EMFs can impel the upgrading of their capabilities to quickly win competitive advantages in the global market. In this context, the purpose of this paper is to unravel the implausible upgrading phenomenon from the perspective of technological proximity.

This paper adopts a single case study, specifically that of a leading Chinese e-bike firm, with a special focus on the dynamic nature of the capability upgrading process and underlying mechanisms.

The results show that taking advantage of technological proximity is an important way for EMFs to climb the ladder of capability upgrading. The stage-based process reveals how capability upgrading is achieved through elaborate actions related to technological proximity. Furthermore, this study finds three learning mechanisms behind the technological proximity, which enable firms to successfully upgrade to higher levels of capabilities. In particular, the trigger role played by contextual conditions in guiding firms' capability upgrading is highlighted and characterized.

This study enriches traditional capability upgrading literature from a technological proximity perspective, especially the traditional static upgrading research related to EMFs. The authors also contribute to the conceptualization of technological proximity. However, the research setting is China's e-bike industry; therefore, the study's generalizability to other emerging markets and industries may be limited.

The results show that it is important to recognize the value of the transfer and sharing of technology between proximal industries for local governments. Also, appropriate policies should be developed to break down the technology barriers between these industries. Moreover, rather than catching up with the superior technologies of multinational corporations in advanced countries, focusing on products with high technological proximity in local or regional areas may be more helpful for EMFs' upgrading.

This paper investigates the capability upgrading process and mechanisms in EMFs, particularly with respect to the role played by technological proximity.

Detecting O₂ gas in a confined space at room temperature is particularly important to monitor the work process of precision equipment. This study aims to propose a miniaturized, low-cost, mass-scale produced O₂ sensor operating around 30°C.

The O₂ sensor based on lanthanum fluoride (LaF₃) solid electrolyte thin film was developed using MEMS technology. The principle of the sensor was a galvanic cell H₂O, O₂, Pt | LaF₃ | Sn, SnF₂ |, in which the Sn film was prepared by magnetron sputtering, and the LaF₃ film was prepared by thermal resistance evaporation.

Through pretreatments, the sensor’s response signal to 40% oxygen concentration was enhanced from 1.9 mV to 46.0 mV at 30°C and 97.0% RH. Tests at temperatures from 30°C to 50°C and humidity from 32.4% RH to 97.0% RH indicated that the output electromotive force (EMF) has a linear relationship with the logarithm of the oxygen concentration. The sensitivity of the sensor increases with an increase in both humidity and temperature in the couple mode, and the EMF of the sensor follows well with the Nernst equation at different temperatures and humidity.

This research could be applied to monitor the oxygen concentration below 25% in confined spaces at room temperature safely without a power supply.

The relationship between temperature and humidity coupling and the response of the sensor was obtained. The nano-film material was integrated with the MEMS process. It is expected to be practically applied in the future.

Emerging market multinational companies have been vigorous in pursuing inorganic growth through cross-border acquisitions (CBAs). The fundamental studies till now have portrayed that rapid internationalization through CBAs tends to create value for these emerging market firms (EMFs) in the short term. However, there is an ambiguity about whether these firms endure better performance in the long term. The purpose of this study is to assess the long-term (ex-post) financial and operating performance of EMFs involved in overseas acquisitions before the COVID-19 pandemic hit the world economy.

CBAs completed by Indian and Chinese companies constitute the sample of the study. The performance has been analysed during the pre-COVID period spanning 17 years from 2001 to 2017. A comprehensive set of 14 financial ratios has been used to represent change (improvement/decline) in enterprises’ post-acquisition operating performance; these ratios have been divided into four broad groups: profitability, efficiency, solvency and liquidity ratios.

The performance of Indian companies has deteriorated significantly after the acquisition. However, there has been no change (deterioration/improvement), subsequent to CBAs, in the profitability of Chinese firms.

The findings of the study support that firms from emerging economies exploit CBAs as a “springboard” to obtain strategic assets including intangible resources and brands rather than to achieve synergies through economies of scale and scope. Apparently, outbound acquisitions by emerging economy firms are not driven by cost-reduction or revenue-generation activities.

None of the studies, to the best knowledge of the authors, has carried out performance analysis using a comprehensive set of financial ratios. The comparative study of two emerging economies is another valuable addition to the existing literature. The study holds the potential to serve as the benchmark to assess the performance of CBAs executed after COVID-19.

The purpose of this study is to explore how a time-varying electromagnetic stirring (EMS) affects the fluid flow and solidification behavior in a slab caster continuous casting mold. Further, the study of inclusion movements in the mold is carried out under the effect of a time-varying electromagnetic field.

A three-dimensional coupled numerical model of solidification and magnetohydrodynamics has been developed for slab caster mold to investigate the inclusions transport by discrete phase model with the use of user-defined functions. Enthalpy porosity and the Lagrangian approach are applied to analyze the behavior of solidification and inclusion.

The study shows that the magnetic field density distribution has a radial symmetry in relation to the stirrer’s center. As the EMS current intensity increases, the strength of the lower recirculation zone gradually decreases and nearly disappears at higher intensities. Additionally, the area of localized remelting zone expands in the solidification front with rising current intensity. The morphology of inclusions and EMS current intensity have a significant impact on the behavior and movement of inclusions within the molten steel.

By using the model, one can optimize the EMS parameter to enhance the quality of steel casting through the elimination of impurities and by improving the microstructure of cast that mainly depend on solidification and flow patterns of molten steel.

Until now, the use of time-varying EMS in the slab caster mold to study solidification and inclusion behavior has not been explored.

This paper aims to determine whether policy uncertainty caused by institutional decay in countries with populist rulers influences the internationalization decision of emerging market firms (EMFs).

The study used binary logit analysis on firms from Latin American countries undertaking cross-border greenfield investment projects.

The results suggest that internationalization decision is demotivated by policy uncertainty generated by populist chief executives and promoted by that of political parties.

This study uses populist rhetoric to describe policy uncertainty due to chief executives and ruling parties, which influences internationalization decision by increasing anticipated transaction costs. This inquiry identifies populism as a variable that influences EMFs to internationalize, while empirically testing the claim of theoretical scholarship that populism reconfigured the sociopolitical and institutional forces that shape the world’s business. This study further advances institutional theory by offering a fresh perspective on the influence of home instead of host-country institutions on the internationalization motivation of firms due to institutional decay caused by populist regimes.

This study examines how dynamic capabilities (DCs) impact global value chain (GVC) upgrading and assesses the mediating role of innovation.

The study uses a quantitative research method. The data are collected using an online questionnaire administered to respondents working in Chinese automobile manufacturers in China and Laos. The data are analyzed using structural equation modeling (SEM) and related software.

The results show that DCs and innovation capabilities (ICs) positively affect GVC upgrading and that ICs plays a mediating role between DC and GVC upgrading. Dynamic capabilities evolution (CE) mediates the relationship between DCs, ICs and GVC upgrading. Finally, differences exist in the effects of the three dimensions of DCs on ICs and GVC upgrading.

Focusing on the absorption and transformation of knowledge, enterprises could experience a clear enhancement of IC and CE and be more likely to obtain higher marginal returns. The study provides insights for emerging market firms to gain higher added value in internationalization.

This study demonstrates that different dimensions of DCs have different effects on GVC upgrading. In terms of theory, the impact of IC is considered in terms of the mediating effect of CE on IC. Differences are highlighted concerning the impact of learning capability, integrating and coordinating capability and sensing capability on the mediated relationships.

This article assesses the degree of adoption of the circular economy model in the tourist accommodation sector. Additionally, the study aims to understand whether the type of accommodation, size and year of construction or remodelling have an impact on the adoption of circular economy practices.

The study is based on a survey administered to directors and owners of tourist accommodation facilities in Portugal. The questionnaire was developed based on an extensive literature review of circular economy practices in the accommodation sector.

Accommodation companies currently operate in a linear economy model and are still in the early stages of transitioning to a more circular economic model. Among the most commonly implemented practices are those that represent expenditure savings for accommodation companies. The findings also suggest a growing awareness and commitment to sustainability and circular economy practices in the tourist accommodation sector, particularly in more recently constructed or renovated accommodation.

To the best of the authors' knowledge, this study is the first to evaluate the accommodation characteristics that impact the adoption of sustainability and circular economy practices in the tourist accommodation sector. It contributes to the literature by providing primary quantitative data supporting the adoption of such practices.

The purpose of this study is to improve the control performance of wind energy conversion systems (WECSs) by proposing a new sensorless, robust control strategy based on a Smith predictor active disturbance rejection control (SP-ADRC) associated with a speed/position estimator.

The estimator consists of a sliding mode observer (SMO) in combination with a phase-locked loop (PLL) to estimate the permanent magnet synchronous generator (PMSG) rotor position and speed. At the same time, the SP-ADRC is applied to the speed control loop of the variable-speed WECS control system to adapt strongly to dynamic characteristics under parameter uncertainties and disturbances.

Numerical simulations are conducted to evaluate the speed tracking performances under various wind speed profiles. The results show that the proposed sensorless speed control improves the accuracy of rotor speed and position estimation and provides better power tracking performance than a regular ADRC controller under fast wind speed variations.

This paper offers a new approach for designing sensorless, robust control for PMSG-based WECSs.

A new sensorless, robust control is proposed to improve the stability and tracking performance of PMSG-based WECSs. The SP-ADRC control attenuates the effects of parameter uncertainties and disturbances and eliminates the time-delay impact. The sensorless control design based on SMO and PLL improves the accuracy of rotor speed estimation and reduces the chattering problem of traditional SMO. The obtained results support the theoretical findings.